My SOA - Help!

getmore4less

Pepperoni wrote: »

Really like that idea. It will still feel like a 'treat' which is what normally drives me to the shops! We do have a fridge and microwave, there is even a hob (no oven though!).

With a hob as well there is loads more you can do.

Some meals you can prepare at home and freeze, just bring them in frozen, thye will keep till the next day in the fridge.

My work was flexy so we had a habit of working through,

The making and eating created a natrual break.

getmore4less

Pepperoni wrote: »

Thanks - good advice RE cars! Hopefully husband will have a job soon, but good to have plans in mind just incase.

The trick is to reduce spends where you can and only reintoduce them once well ahead of the game.

cars are very convenient but also very expensive, and commit a lot of money up front, insurance,tax,MOT. which you can't get back so low miles and it becomes a lot a mile.

If you have the offroad space could you SORN one for 6 months during maternity?
How much would you save?

JustAboutThere

My usual quick 'hot' meal is cous cous. A 500gm packet is around £0.70p and a 1kg bag is £1.35 (both from Sainsbury's but the others will have similar).

I've got a small Tupperware container with a lid. Drop in one stock cube (for flavour), add boiling water, spoon in required amount of cous cous, put on lid and let it soak up the water. About five minutes later, its ready.

Easy munchies!

You can always add the contents of a tin of sardines or anything else you want. But its a great standby.

foxgloves

Hi Pepperoni,
Your post struck a chord with me, as I also left work for 'reasons' & our income is now very similar to yours for the two of us. Your income is fractionally higher, but so is your mortgage so v similar circumstances. After all our essential bills have been accounted for each month, we allow £250 max for groceries & £60 each for 'personal spends'. We then withdraw cash to piggy bank for other categories of spending. Each month, the following 'piggies' are paid: Car maintenance £50, Clothes £40, Household £30, Presents £20, Holidays £40, Leisure/entertainment £20. We also pay £50 a month into an emergency fund. We also use other little pots of money for specific things i. e We have a weekend away in April funded by money made selling decluttered stuff on eBay, & we save our Co-op dividend points money to buy a pair of festival tickets each year. When we were debt-busting I made several changes I've carried on with. For instance, I don't pay for my hair to be professionally coloured any more. I colour it myself & go for a £10 trim when I need one. I also stretch the presents 'piggy' by making lots of gifts myself. I think it really is a case of trying things, tweaking them & finding out what works for you. Oh.....& we worked out we were spending around £2000 a year buying lunches, coffees, etc, on work days. Suffice it to say that packed lunches started the very next week!!

Pepperoni

getmore4less wrote: »

The trick is to reduce spends where you can and only reintoduce them once well ahead of the game.

cars are very convenient but also very expensive, and commit a lot of money up front, insurance,tax,MOT. which you can't get back so low miles and it becomes a lot a mile.

If you have the offroad space could you SORN one for 6 months during maternity?
How much would you save?

Its definitely a consideration and something I will look into. Thanks for the advice!

Pepperoni

foxgloves wrote: »

Hi Pepperoni,
Your post struck a chord with me, as I also left work for 'reasons' & our income is now very similar to yours for the two of us. Your income is fractionally higher, but so is your mortgage so v similar circumstances. After all our essential bills have been accounted for each month, we allow £250 max for groceries & £60 each for 'personal spends'. We then withdraw cash to piggy bank for other categories of spending. Each month, the following 'piggies' are paid: Car maintenance £50, Clothes £40, Household £30, Presents £20, Holidays £40, Leisure/entertainment £20. We also pay £50 a month into an emergency fund. We also use other little pots of money for specific things i. e We have a weekend away in April funded by money made selling decluttered stuff on eBay, & we save our Co-op dividend points money to buy a pair of festival tickets each year. When we were debt-busting I made several changes I've carried on with. For instance, I don't pay for my hair to be professionally coloured any more. I colour it myself & go for a £10 trim when I need one. I also stretch the presents 'piggy' by making lots of gifts myself. I think it really is a case of trying things, tweaking them & finding out what works for you. Oh.....& we worked out we were spending around £2000 a year buying lunches, coffees, etc, on work days. Suffice it to say that packed lunches started the very next week!!

Thankyou. Some great advice there! What sort of stuff do you make as presents? Sounds interesting and fun! I'm going to be putting some stuff on eBay to make some money there. I wish you the best of luck in finding a new job, if that is what you are trying / intending to do.

foxgloves

Thanks Pepperoni. I'm not looking for a job at the moment as with our lifestyle changes, we can manage on 1 income if we're careful, so I run the household economy & am also in charge of growing the veggies! To answer your question, for presents I knit socks in funky colours/patterns, scarves, gloves, mittens, wristwarmers, etc. Made a chunky jumper for my Dad last Christmas & he loved it so much, I think I'll have to make him another one! I also do loads of preserving so give foodie friends little hampers with home made jams, chutneys, lemon curd, jellies, marmalade, etc. Home made fudge goes down well too, & I make liqueurs for friends/family who like.a drink....often sloe or blackberry gin as can pick the fruit for free, but this year I made cranberry vodka for a change. I sometimes divide up stuff from our garden, such as big clumps of mini-daffs & primroses & plant up a container if it's a Spring gift. There are loads of things you can make as gifts. I'm intending to cast on a hat tonight....a slouchy one which would be great at a Festival.....I know just the friend for it! x

Pepperoni

Foxgloves - That is very inventive! And inspiring

[Deleted User]

Pepperoni wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2 - Could you SORN one until your OH returns to work?

Monthly Income Details
Monthly income after tax................ 1911
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 25
Total monthly income.................... 1936

Monthly Expense Details
Mortgage................................ 480.9
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90.83
Electricity............................. 45.1
Gas..................................... 45.1
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.13
Satellite/Cable TV...................... 19.45 - Cancel and go Freeview/Freesat.
Internet Services....................... 19.45
Groceries etc. ......................... 200 - You could trim a bit off this. Try for £160, if not less.
Clothing................................ 100 - £1,200pa is HUGE for 2 people. Reduce or, ideally, stop buying any for a while.
Petrol/diesel........................... 230
Road tax................................ 20.83
Car Insurance........................... 66.67
Car maintenance (including MOT)......... 27.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 - Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 7.66
Contents insurance...................... 7.66
Life assurance ......................... 13.59
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 - Reduce by at least 50%.
Haircuts................................ 59 - This is over £700pa. :eek: Reduce prices and/or frequency of visits.
Entertainment........................... 200 - Reduce by at least 50%.
Holiday................................. 100 - Cancel holiday in favour of days out.
Emergency fund.......................... 0 - You need something in here.
Total monthly expenses.................. 1899.87


Assets
Cash.................................... 2500
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 7800
Other assets............................ 0
Total Assets............................ 135300


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(480.9)....3.09
Total secured & HP debts...... 85000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan (Car).....................6700......217.......7.9
Credit Card....................6000......60........0 - Is this really 0%? When does the 0% end, and what does it go up to?
Total unsecured debts..........12700.....277.......-


Monthly Budget Summary
Total monthly income.................... 1,936
Expenses (including HP & secured debts). 1,899.87
Available for debt repayments........... 36.13
Monthly UNsecured debt repayments....... 277
Amount short for making debt repayments. -240.87

Personal Balance Sheet Summary
Total assets (things you own)........... 135,300
Total HP & Secured debt................. -85,000
Total Unsecured debt.................... -12,700
Net Assets.............................. 37,600

My comments in red.

Pepperoni

Thanks Bedsit Bob.

Unfortunately it wouldn't work to SORN one of the cars. I commute and my husband needs his car for the days he does get temporary work. The temporary work usually involves a commute (but his petrol remains low as he is able to reclaim petrol expense).

Will look at the Sky - we signed up for 6 months at 50% and are only a couple of months into it so not sure if we can cancel but shall investigate.

Will definitely try to reduce our food spend!

I've removed clothing allowance now

Medical - I'm pregnant so getting prescriptions etc free and will do for some time. My employers pay for eye tests / glasses. My Husband hasn't had any expenditure under this column for as long as I've known him (9+ years). Still, I should put something here just incase? We both have Private Health (employers pay).

Hair - I've reduced the time between visits which has decreased the overall cost somewhat.

Entertainment & Holiday - Reduced to £125 per month and holiday fund has been removed completely.

Not saving anything for Emergencies at the moment - would you recommend this even with debts outstanding? (My thinking is that its money that might be unused which could be put towards paying off debt... perhaps a completely daft way to look at it?). How much would you suggest we put away for this?

The CC is 0% until the end of the year when it will go up to 17%. I'll be clearing this balance with (hopefully) savings (i.e. any spare cash we come into outside of the SOA!) OR transferring to another 0% card so I can pay off the loan - whichever works out best at the time.